Notes to SEFA
Title: Contingency
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared using the modified accrual basis of accounting. The modified accrual basis of accounting recognizes revenues when they become measurable and available and expenditures generally when a liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10 percent de minimis indirect cost rate for any of its Federal Programs.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement by the grantor agencies would become a liability of the Authority. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Prior Period Expenditures
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared using the modified accrual basis of accounting. The modified accrual basis of accounting recognizes revenues when they become measurable and available and expenditures generally when a liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10 percent de minimis indirect cost rate for any of its Federal Programs.
The recognition of amounts for financial statement presentation may differ from guidance regarding the inclusion of amounts on the Schedule of Expenditures of Federal Awards; therefore some amounts presented are related to prior years.